Ask Value Research

Can my mom close her PPF account prematurely?

A Public Provident Fund account matures only after 15 years

My mother opened a Public Provident Fund (PPF) account in 2011. She is 68 years old and she wants to close the account prematurely. I heard recently that it can be closed prematurely if you have completed five years. Is it true?
- Puneet Mital

It is not possible to close a public Provident Fund (PPF) account prematurely. A PPF account matures only after 15 years. Your mom can keep it alive by making a small contribution of ₹500 every year. She can also take a loan from the account after three years, and she can also make partial withdrawal from the account from the seventh year.

This article was originally published on April 13, 2016.

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